[lbo-talk] "People's Budget"

Chuck Grimes c123grimes at att.net
Fri Apr 15 14:43:23 PDT 2011

Thank you Somebody. Of course half the stuff below could have been stopped if the Progressive Caucus and other Democrats had decided to pull a shutdown shunt like the GOP did. And, when they were a majority they drew circles with their fingers on their desks, like kids who can't answer the teacher's question. Now they are a minority again, they get all radical, talking shit?


Overview of Our Policies

Individual Income Tax Policies

. Allow the Bush-era tax cuts to expire at the end of 2012, but extend marriage relief, credits, and incentives for children, families, and education

. Immediately rescind the upper-income tax cuts in December's tax deal

. Index the AMT for inflation for a decade (the AMT patch is fully paid for)

. Schakowsky millionaire tax rates proposal (adding 45%, 46%, 47%, 48%, and 49% top rates)

. Tax all capital gains and qualified dividends as ordinary income

. Progressive estate tax (Sanders' estate tax, repeal of Kyl-Lincoln

. Limit the rate at which itemized deductions can reduce tax liability to 28%for high earners

. Replace the tax exclusion for interest on state and local bonds with a subsidy for the issuer

Corporate Tax Reform

. Tax U.S. corporate foreign income as it is earned

. Eliminate corporate welfare for oil, gas, and coal companies

. Enact a financial crisis responsibility fee

. Financial speculation tax (derivatives, foreign exchange)

. Reinstate Superfund taxes

Health Care

. Enact a public option

. Negotiate Rx payments with pharmaceutical companies

. CMS program integrity and other Medicare and Medicaid savings in the president's budget

. Prevent a cut in Medicare physician payments for a decade (maintain doc fix)

Social Security

. Raise the taxable maximum on the employee side to 90% of earnings and eliminate the taxable maximum on the employer side

. Increase benefits based on higher contributions on the employee side

Defense Savings

. End overseas contingency operations emergency supplementals starting in Fiscal Year 2013, providing $170 billion in FY2012 to fund redeployment, while saving more than $1.8 trillion from current law spending levels over ten years.

. Reduce baseline defense spending by reducing strategic capabilities, conventional forces, procurement, and R&D programs

Comprehensive Jobs Program

. Invest $1.45 trillion in job creation, education, clean energy and broadband infrastructure, housing, and R&D

. Infrastructure bank

. Surface transportation reauthorization bill ($213 billion)

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